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3 years ago

Identify whether a debit or credit results in the indicated change for each of the following accounts.

Business

1 answer:

Maksim231197 [3]3 years ago

8 0

Answer:

a. To increase Land - Debit

b. To decrease Cash - Credit

c. To increase Fees Earned (Revenues) - Credit

d. To increase Office Expense - Debit

e. To decrease Unearned Revenue - Debit

f. To decrease Prepaid Rent - Credit

g. To increase Notes Payable - Credit

h. To decrease Accounts Receivable - Credit

i. To increase Common Stock - Credit

j. To increase Store Equipment - Debit

Explanation:

Debit gives details of spending, sum owed , amount to balance which is usually recorded to the left side of an account entry book while credit gives the details of income, amount earned or made on sale, spending cut and revenue and is usually placed to the right hand column of an account entry.

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Adamis the owner/operator of a flower shop. Last year he earned $250,000 in total revenue. His explicit costs were $175,000 paid

Degger [83]

A is the correct answer

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3 years ago

Carrying Amount $120,000 Selling Price $80,000 Costs of Disposal $5,000 Expected Future Cash Flows $90,000 Present Value of expe

frez [133]

Answer:

$35,000

Explanation:

Under IAS 36, an asset is said to be impaired where the carrying amount is more than the recoverable amount.

The recoverable amount is the higher of the fair value less cost to sell or the value in use which is the present value of the expected future cashflow.

Given that;

Carrying Amount = $120,000

Selling Price = $80,000

Costs of Disposal = $5,000

Hence fair value less cost to sell = $80,000 - $5,000 = $75,000

Expected Future Cash Flows = $90,000

Present Value of expected future cash flows = $85,000 ( this is the value in use)

Recoverable amount = $85,000 (since the value in use is higher that the fair value less cost to sell)

This is lower than the carrying amount hence the asset is impaired.

Impairment = $120,000 - $85,000

= $35,000

8 0

2 years ago

What is 30% of 3/5

Setler79 [48]

Answer: Solution for What is 30 percent of 3/5

30 percent *3.50 =

(30:100)*3.50 =

(30*3.50):100 =

105:100 = 1.05

Now we have: 30 percent of 3.50 = 1.05

Question: What is 30 percent of 3.50?

Percentage solution with steps:

Step 1: Our output value is 3.50.

Step 2: We represent the unknown value with $x$x.

Step 3: From step 1 above,$3.50=100\%$3.50=100%.

Step 4: Similarly, $x=30\%$x=30%.

Step 5: This results in a pair of simple equations:

$3.50=100\%(1)$3.50=100%(1).

$x=30\%(2)$x=30%(2).

Step 6: By dividing equation 1 by equation 2 and noting that both the RHS (right hand side) of both

equations have the same unit (%); we have

$\frac{3.50}{x}=\frac{100\%}{30\%}$

3.50

100%

30%

Step 7: Again, the reciprocal of both sides gives

$\frac{x}{3.50}=\frac{30}{100}$

3.50=

100

$\Rightarrow x=1.05$⇒x=1.05

Therefore, $30\%$30% of $3.50$3.50 is $1.05$

Explanation:

7 0

3 years ago

Read 2 more answers

How volume and variety affects process design

Maurinko [17]

Answer:

rocesses often producea high variety of products/services and high-volume operations processes often produce a narrow variety of products/services. The design of any process should be governed by the volume and variety it is required to produce. Depending on those factors, processes will changeExplanation:

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3 years ago

Ginny and Eric are partners at an architecture firm. They are trying to determine which of them has a comparative advantage in b

blondinia [14]

Answer: (i) $20 per model

(ii) $27 per model

(iii) Ginny has a comparative advantage in building models.

Explanation:

A country or a firm has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity in terms of other commodities is lower than the other country or firm.

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

Therefore,

Ginny's Opportunity cost of producing one model = $\frac{400}{20}$

= $20 per model

Eric’s opportunity cost of building models = $20 + 35% of $20

= $20 + $7

= $27 per model

Hence, Ginny has a comparative advantage in building models because Ginny's opportunity cost of building model is lower than Eric's opportunity cost.

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3 years ago